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Market Review

US:

Indexes weakened in early afternoon trading but bounced back in the final two hours. The Nasdaq and S&P 500 closed at session highs. The Nasdaq rose 0.6% and made a new high. The Dow Jones Industrial Average climbed 0.3% and reached a milestone, touching the 36,000 level for the first time. It closed at 35,913.

Asia:

Shares in Asia-Pacific were mixed in Tuesday morning trade, with the Australian central bank set to announce its interest rate decision later in the day.

India:

Equity markets reversed their 3-day losing streak on the back of a strong buying in IT and select financial shares in the last hour of trade. That apart, GST collected in October, for instance, rose to Rs 1.3 trillion, which is 24% higher than a year ago, and 36% more than the collection in the pre-Covid year of 2019-20.

This is the second highest collection since the introduction of a new indirect regime in 2017. Separately, India's manufacturing activity continued to improve in October with the Manufacturing PMI climbing to 55.9, up from 53.7 in September and 52.3 in August. The upturn was sharp and the fastest in seven months.

Against this backdrop, the BSE Sensex reclaimed the 60,000-mark, and surged to a high of 60,220 during the day, before settling with a gain of 831 points at 60,138. The NSE Nifty, on the other hand, touched a high of 17,954, and ended 258 points higher at 17,930. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

U.S. manufacturing activity slowed in October as a measure of new orders dropped to a 16-month low and factories continued to experience delays with deliveries of raw materials. The index of national factory activity slipped to a reading of 60.8 last month from 61.1 in September. The economy is struggling with shortages across industries as global supply chains remain clogged.

Commodities:

Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a spike in diesel demand. Gold prices eased on Tuesday as a firmer dollar made bullion less appealing for holders of other currencies, while investors eyed a pivotal U.S. Federal Reserve policy meeting amid growing concerns over a sustained bout of inflation.

Currency:

The dollar hovered below recent highs on Tuesday as traders waited for the Reserve Bank of Australia to lead a handful of central bank meetings set to define the rates outlook this week.

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